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Protect your business against tax penalties! Here are five ways to ensure you don't miss the payment deadline of 31 March 2015

by , 06 March 2015
Taxpayers submitting and tax paying on 31 March 2015, (SARS financial year-end)should do so by 12:00 midday to avoid penalties and interest.

To protect your company and pay the taxes on time, you can use one of several payment options. Here are just a few of them so you can choose the one that's easiest for you:


1. Pay through a bank (payments to SARS can be made at the following banks: ABSA, Albaraka Bank Limited, Bank of Athens, FNB, HBZ Bank LTD, Nedbank and Standard Bank.)

Note that incorrectly referenced payments will not be accepted or processed by the bank! And don't forget that banks no longer accept cheques exceeding R50 000.

2. Make a payments via eFiling

To do this, SARS advises that you must to set-up a credit push option or use one of SARS' alternative methods of payment.
 
When you make the payment, eFiling sends a payment request to your bank which will show the amount that needs to be paid. It will also give you a Payment Reference Number (PRN).

Note that, as SARS states, Credit Push payments are considered to be irrevocable and should only be made if the account holder has the necessary funds.



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3. Pay via Electronic Funds Transfer (EFT). This means you'll use internet banking facilities. Note that you can find SARS in the the standard drop-down listing of pre-loaded beneficiary IDs provided by your bank.
 All SARS beneficiary IDs are prefixed with the naming convention 'SARS- <Tax Type>', informs Sars.co.za. To use this option,your payment must be correctly referenced to ensure that SARS is able to identify your payment and  allocate it to your account!

Here are the banks that support this method: ABSA, Bank of Athens, Capitec Bank, FNB, HBZ Bank LTD, HSBC Bank, Investec, Mercantile Bank, Nedbank and Standard Bank.
 

4. At a SARS branch (including Customs branches)

Keep in mind that SARS Revenue branches no longer accept cash payments.You can only make payments by cheque at a SARS branch during office hours (08:30 – 15:30).

Also, payments made via a SARS branch drop-box must be received by no later than 15:00. If you fail to meet this deadline it will be deemed to be received on the following business dayand late penalties may apply.  

If you pay at one of SARS customs and excise branches, payments may be made during office hours (08:00 to 15:00)


5. Pay by cheque! Keep in mind that the cheques must be made out to 'South African Revenue Service' (do not use the abbreviation SARS) in any of the official languages.

Note that if the cheque payment exceeds any of the limits, you must use one of the following channels: deposit the cheque at a bank, complete an EFT or make payment via eFiling.

6. In case of a foreign payment, you can make it electronically into SARS' bank account using the standard SWIFT 103 message and the Beneficiary ID/Account Number 'SARS-FOR-999'. Only FNB supports this method, as stated by the previously mentioned source.

There you have it. Now that you know which channels you can use, remember to pay any taxes due by 31 March 2015!


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